75% of Executives Have Experienced Fraud!?!
Sometimes it seems those of us who care about ethics are fighting a losing battle. My colleague, Chris Bauer, reports on some shocking findings in a survey conducted by the well-known accounting firm KPMG:
- Of 459 executives at US companies with revenues above $250 million, 75% had experienced fraud
- The fraud had cost 36% of the companies surveyed at least $1 million
- For those companies experiencing fraud in the area of financial reporting, the average cost was $257,923,000 (other types of fraud had less dollar impact)